Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

ARCA Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NASDAQ >= $1.00 per share

USD 0.0030

(USD 0.0021)

NASDAQ < $1.00 per share

Trade Value * 0.003

USD 0.0000

NYSE >= $1.00 per share

USD 0.0030

(USD 0.0021)

NYSE < $1.00 per share

Trade Value * 0.003

USD 0.0000

AMEX >= $1.00 per share

USD 0.0030

(USD 0.0021)

AMEX < $1.00 per share

Trade Value * 0.003

USD 0.0000

Cross Orders

USD 0.0000

USD 0.0000

At the Close >= $1

USD 0.0010

USD 0.0010

At the Close < $1

Trade Value * .001

Trade Value * .001

At the Open >= $1

USD 0.0015

USD 0.0015

At the Open < $1

Trade Value * .001

Trade Value * .001

Auction Orders

USD 0.0006

USD 0.0006

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

ARCAEDGE Exchange Fees

Remove Liquidity 1

Add Liquidity 2

Price < $1.00

USD 0.000030

USD 0.00

Price >= $1.00

USD 0.0030

USD 0.00

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

B-Trade Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NASDAQ >= $1.00

USD 0.0030

USD 0.0000

NASDAQ < $1.00

USD 0.0010

USD 0.0000

NYSE >= $1.00

USD 0.0030

USD 0.0000

NYSE < $1.00

USD 0.0010

USD 0.0000

AMEX >= $1.00

USD 0.0030

USD 0.0000

AMEX < $1.00

USD 0.0010

USD 0.0000

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

BATS Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NASDAQ >= $1.00 per share

USD 0.0030

(USD 0.0020)

NASDAQ >= $1.00 per share, Hidden Liquidity

USD 0.0030

USD 0.0000

NASDAQ < $1.00 per share

Trade Value *.0030

USD 0.0000

NYSE >= $1.00 per share

USD 0.0030

(USD 0.0020)

NYSE >= $1.00 per share, Hidden Liquidity

USD 0.0030

USD 0.0000

NYSE < $1.00 per share

Trade Value *.0030

USD 0.0000

AMEX >= $1.00 per share

USD 0.0030

(USD 0.0025)

AMEX >= $1.00 per share, Hidden Liquidity

USD 0.0030

USD 0.0000

AMEX < $1.00 per share

Trade Value *.0030

USD 0.0000

Opening Auction, IPO Auction, or Halt Auction

USD 0.0005

USD 0.0010

Closing Auction

USD 0.0005

USD 0.0010

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

BYX Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NASDAQ = $1.00 per share

(USD 0.0015)

USD 0.0018

NASDAQ >= $1.00 per share, Hidden Liquidity

(USD 0.0015)

USD 0.0024

NASDAQ < $1.00 per share

Trade Value *.0010

USD 0.0000

NYSE >= $1.00 per share

(USD 0.0015)

USD 0.0018

NYSE >= $1.00 per share, Hidden Liquidity

(USD 0.0015)

USD 0.0024

NYSE < $1.00 per share

Trade Value *.0010

USD 0.0000

AMEX >= $1.00 per share

(USD 0.0015)

USD 0.0018

AMEX >= $1.00 per share, Hidden Liquidity

(USD 0.0015)

USD 0.0024

AMEX < $1.00 per share

Trade Value *.0010

USD 0.0000

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

CBOE Options Fees

Public Customer

Broker-Dealer

Firm

Away MM

Joint Back Office

Professional

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Mini-Options

USD 0.00

USD 0.00

USD 0.04

USD 0.04

USD 0.03

USD 0.03

USD 0.04

USD 0.04

USD 0.03

USD 0.03

USD 0.03

USD 0.03

Equity

All - Penny Pilot

USD 0.001

USD 0.00

USD 0.47

USD 0.47

USD 0.38

USD 0.38

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

All - Non-Penny Pilot

USD 0.001

USD 0.00

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

ETF/HOLDRs

Penny Pilot >= 250 contracts

USD 0.18

USD 0.18

USD 0.47

USD 0.47

USD 0.38

USD 0.38

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

Penny Pilot < 250 contract

USD 0.001

USD 0.00

USD 0.47

USD 0.47

USD 0.38

USD 0.38

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

Non Penny Pilot >= 250 contracts

USD 0.18

USD 0.18

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

Non Penny Pilot < 250 contract

USD 0.001

USD 0.00

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

USD 0.65

Index

SPX, Premium >=$1.00

USD 0.44

USD 0.44

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SPX, Premium < $1.00

USD 0.35

USD 0.35

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SPXPM, Premium >=$1.00

USD 0.35

USD 0.35

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SPXPM, Premium < $1.00

USD 0.35

USD 0.35

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SPXW, Premium >=$1.00

USD 0.44

USD 0.44

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SPXW, Premium < $1.00

USD 0.35

USD 0.35

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

OEX

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

OEX - Weekly

USD 0.30

USD 0.30

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

XEO

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

XEO - Weekly

USD 0.30

USD 0.30

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

DIVD, DVS

USD 0.40

USD 0.40

USD 0.60

USD 0.60

USD 0.25

USD 0.25

USD 0.60

USD 0.60

USD 0.60

USD 0.60

USD 0.60

USD 0.60

VIX, Premium > 0.00

USD 0.10

USD 0.10

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

VIX, Premium > $0.10

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

VIX, Premium >= $1.00

USD 0.45

USD 0.45

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

Volatility Premium > 0.00

USD 0.10

USD 0.10

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

Volatility Premium > $0.10

USD 0.27

USD 0.27

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

Volatility Premium >= $1.00

USD 0.48

USD 0.48

USD 0.40

USD 0.40

USD 0.25

USD 0.25

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

USD 0.40

SRO

USD 0.80

USD 0.80

USD 0.80

USD 0.80

USD 0.50

USD 0.50

USD 0.80

USD 0.80

USD 0.80

USD 0.80

USD 0.80

USD 0.80

XSP

USD 0.00

USD 0.00

USD 0.45

USD 0.45

USD 0.25

USD 0.25

USD 0.45

USD 0.45

USD 0.30

USD 0.30

USD 0.30

USD 0.30

RUI,RLV and RLG 3

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

UKXM and FXTM 3

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

All Other - Penny Pilot

USD 0.18

USD 0.18

USD 0.47

USD 0.47

USD 0.38

USD 0.38

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

USD 0.47

All Other - Non- Penny Pilot

USD 0.18

USD 0.18

USD 0.75

USD 0.75

USD 0.65

USD 0.65

USD 0.75

USD 0.75

USD 0.75

USD 0.75

USD 0.75

USD 0.75

MXEA, MXEF

USD 0.00

USD 0.00

USD 0.75

USD 0.75

USD 0.65

USD 0.65

USD 0.75

USD 0.75

USD 0.75

USD 0.75

USD 0.75

USD 0.75

Index/ETF Surcharge

Surcharge - Volatility

USD 0.00

USD 0.00

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

Surcharge - OEX, XEO, DVS, DIVD, DJX, DXL, MXEA, MXEF

USD 0.00

USD 0.00

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

Surcharge - SPX, SPXPM

USD 0.00

USD 0.00

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

USD 0.14

Surcharge - SRO

USD 0.00

USD 0.00

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

USD 0.26

Surcharge - MNX, NDX

USD 0.00

USD 0.00

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

USD 0.25

Surcharge - RUT

USD 0.00

USD 0.00

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

USD 0.45

Surcharge - VXST (maker non-turner)

USD 0.05

USD 0.05

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

Surcharge - VIX (maker non-turner), premium > 0.10

USD 0.20

USD 0.20

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

Surcharge - SPXW (electronic only)

USD 0.10

USD 0.10

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

USD 0.00

Notes: 1. In certain circumstances for public customer orders that remove liquidity, IB will route an
order to CBOE when CBOE is not currently posting the NBBO but may be willing to “step up” and execute the order at
NBBO. In these cases, in addition to its base commission, IB will charge customer an amount equal to one half of
the fee that would have been charged had IB routed to an exchange posting at NBBO rather than CBOE. In these cases,
IB will guarantee the customer a fill at the NBBO at the time that IB routed the order. 2. Stock legs on CBOE
buy/writes charged USD 0.001/share.3. Transaction fees on UKXM, FXTM, RUI, RLV and RLG options will be waived
through June 2017.

CHX Exchange Fees

Remove Liquidity 1

Add Liquidity 2

All Securities > = 1.00

USD 0.0030

(USD 0.0020)

All Securities < $1.00

Trade Value * 0.003

(USD 0.00009)

Cross - two sided (all securities)

USD 0.0000

USD 0.0000

Odd Lot (all securities)

USD 0.0040

USD 0.0040

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

CSFB Algo Fees

Remove Liquidity 1

Add Liquidity 2

All

USD 0.0030

USD 0.0030

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

CSFB Path Fees

Remove Liquidity 1

Add Liquidity 2

All

USD 0.0025

USD 0.0025

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

Direct Edge Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NASDAQ >= $1.00 per share

USD 0.0029

(USD 0.0020)

NASDAQ < $1.00 per share

Trade Value * 0.003

(USD 0.00003)

AMEX >= $1.00 per share

USD 0.0029

(USD 0.0020)

AMEX < $1.00 per share

Trade Value * 0.003

(USD 0.00003)

NYSE >= $1.00 per share

USD 0.0029

(USD 0.0020)

NYSE < $1.00 per share

Trade Value * 0.003

(USD 0.00003)

Non-Displayed Orders >= $1.00 per share

USD 0.0029

(USD 0.0015)

Midpoint Match Cross

USD 0.0000

USD 0.0000

Midpoint Match, Add Liquidity >= $1.00 per share

(USD 0.0015)

(USD 0.0015)

Midpoint Match, Add Liquidity < $1.00 per share

(USD 0.00003)

(USD 0.00003)

At-the-Open

USD 0.0010

USD 0.0010

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

DARK Fees

Remove Liquidity 1

Add Liquidity 2

Directed orders

N/A

N/A

Smart-routed orders

AMEX, NYSE

USD -0.0011 per share 1,2

N/A

Arca, Nasdaq

USD -0.0011 per share 1,2

N/A

Notes: 1. Negative numbers are rebates. 2. Applies to all RegNMS listings. No fees or rebates
are assessed on PINK and OTCBB securities.

EDGEA Exchange Fees

Remove Liquidity 1

Add Liquidity 2

All Securities >=$1

USD 0.003

USD 0.0005

All Securities < $1.00

Trade Value * 0.002

USD 0.0000

At-the-Open

USD 0.0000

USD 0.0000

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book. 2. Adding an order to an exchange or ECN's order book before being executed.

Venom DARK Fees and Rebates

Remove Liquidity 1

Add Liquidity 2

Directed orders

N/A1

USD 0.00

Smart-routed orders

AMEX, NYSE

USD 0.00 per share

N/A

Arca, Nasdaq

USD 0.00 per share

N/A

Notes: 1. Directed orders to IBDARK that are marketable will generally be rejected.
2. Negative numbers are rebates.

Venom KRATS Fees and Rebates

Remove Liquidity 1

Add Liquidity 2

Directed orders

N/A1

USD 0.00

Smart-routed orders

AMEX, NYSE

USD -0.0011 per share 1,2

N/A

Arca, Nasdaq

USD -0.0011 per share 1,2

N/A

Notes: 1. Directed orders to IBKRATS that are marketable will generally be rejected.
2. Negative numbers are rebates. 3. In the event an order is eligible for execution on a different
venue but is instead routed to IBKRATS, IB will charge/rebate to costs applicable to the exchange the order
could have been routed to.

IEX External Fees

Remove Liquidity 1

Add Liquidity 2

Trades >=$1.00

USD 0.0009

USD 0.0009

Trades < $1.00

Trade Value * 0.003

Trade Value * 0.003

All Routed Out

Fee is the applicable fee on the execution exchange + 0.0001 per share

Fee is the applicable fee on the execution exchange + 0.0001 per share

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book. 2. Adding an order to an exchange or ECN's order book before being executed.

ISE Options Fees

Public Customer

Broker-Dealer

Firm/JBO

Away MM

Professional

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Remove Liquidity

Add Liquidity

Mini-Options

Select Symbols

USD 0.030

USD 0.00

USD 0.045

USD 0.01

USD 0.045

USD 0.01

USD 0.045

USD 0.01

USD 0.045

USD 0.01

Non-Select Symbols

USD 0.001

USD 0.00

USD 0.03

USD 0.03

USD 0.03

USD 0.03

USD 0.045

USD 0.045

USD 0.030

USD 0.030

All Other 3

Singly Listed Options 1

USD 0.20

USD 0.20

USD 0.030

USD 0.030

USD 0.030

USD 0.030

USD 0.045

USD 0.045

USD 0.030

USD 0.030

NZD, PZO, SKA, BRB, AUX, BPX, CDD, EUI, YUK, SFC

USD 0.40

USD 0.40

USD 0.030

USD 0.030

USD 0.030

USD 0.030

USD 0.045

USD 0.045

USD 0.030

USD 0.030

BRB, NZD, PZO, SKA

USD 0.40

USD 0.40

USD 0.030

USD 0.030

USD 0.030

USD 0.030

USD 0.045

USD 0.045

USD 0.030

USD 0.030

Select Symbols 2

USD 0.31

USD 0.00

USD 0.45

USD 0.10

USD 0.45

USD 0.10

USD 0.45

USD 0.10

USD 0.45

USD 0.10

Crossing Orders 4

USD 0.00

USD 0.00

USD 0.20

USD 0.20

USD 0.20

USD 0.20

USD 0.20

USD 0.20

USD 0.20

USD 0.20

All other

USD 0.00

USD 0.00

USD 0.72

USD 0.72

USD 0.72

USD 0.72

USD 0.72

USD 0.72

USD 0.72

USD 0.72

Index/ETF Surcharge

Surcharge - BKX, MFX, MID, MSH, SML

USD 0.00

USD 0.00

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

USD 0.10

Surcharge - RMN, RUI, RUT, MVR

USD 0.00

USD 0.00

USD 0.15

USD 0.15

USD 0.15

USD 0.15

USD 0.15

USD 0.15

USD 0.15

USD 0.15

Surcharge - NDX, MNX

USD 0.00

USD 0.00

USD 0.22

USD 0.22

USD 0.22

USD 0.22

USD 0.22

USD 0.22

USD 0.22

USD 0.22

Notes: 1. ISE Singly Listed Options can be found on ISE's website www.ise.com. 2. Select
Symbols list can be found on ISE's website www.ise.com.3. Stock legs on ISE buy/writes charged USD
0.001/share. 4. Responses to crossing orders will be charged 0.50 per contract for all Option Account
types.

JEFFALGO Fees

Remove Liquidity 1

Add Liquidity 2

All

USD 0.0030

USD 0.0030

Notes: 1. Orders that are immediately executed against an existing bid or offer on an
exchange's or ECN's order book. 2. Adding an order to an exchange or ECN's order book before
being executed.

MM Fees

Remove Liquidity

Add Liquidity

Smart-routed orders

USD 0.001

USD 0.00

Notes: 1. This is available for Smart-routed PINK and OTCBB stocks only.

NASDAQ/Island Exchange Fees

Remove Liquidity 1

Add Liquidity 2

ETF >= $1.00 per share

USD 0.0030

(USD 0.0021)

ETF >= $1.00 per share, Non-Displayed

USD 0.0030

USD 0.00

ETF < $1.00 per share

Trade Value * 0.0030

USD 0.00

NASDAQ >= $1.00 per share

USD 0.0030

(USD 0.0021)

NASDAQ >= $1.00 per share, Non-Displayed

USD 0.0030

USD 0.00

NASDAQ < $1.00 per share

Trade Value * 0.0030

USD 0.00

AMEX >= $1.00 per share

USD 0.0030

(USD 0.0021)

AMEX >= $1.00 per share, Non-Displayed

USD 0.0030

USD 0.00

AMEX < $1.00 per share

Trade Value * 0.0030

USD 0.00

NYSE >= $1.00 per share

USD 0.0030

(USD 0.0021)

NYSE >= $1.00 per share, Non-Displayed

USD 0.0030

(USD 0.0000)

NYSE < $1.00 per share

Trade Value * 0.0030

(USD 0.0000)

Market-on-open

USD 0.0015

USD 0.0015

Market-on-open < $1.00

Trade Value * 0.0030

Trade Value * 0.0030

Market-on-close

USD 0.00145

USD 0.00145

Market-on-close < $1.00

Trade Value * 0.0030

Trade Value * 0.0030

Limit-on-open

USD 0.0015

USD 0.0015

Limit-on-open < $1.00

Trade Value * 0.0030

Trade Value * 0.0030

Limit-on-close

USD 0.00145

USD 0.00145

Limit-on-close < $1.00

Trade Value * 0.0030

Trade Value * 0.0030

Cross

USD 0.0010

USD 0.0010

Cross < $1.00

Trade Value * 0.0030

Trade Value * 0.0030

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book. 2. Adding an order to an exchange or ECN's order book before being executed.3. The
rebate to add non-displayed midpoint liquidity will be (0.001) for Nasdaq securities and (0.0014) for NYSE and
AMEX securities.

NASDAQ BX Exchange Fees

Remove Liquidity 1

Add Liquidity 2

ETF >= $1.00

(USD 0.0006) 4

USD 0.0020 3

ETF < $1.00

Trade Value * 0.0030

USD 0.00

NASDAQ >= $1.00

(USD 0.0006) 4

USD 0.0020 3

NASDAQ < $1.00

Trade Value * 0.0010

USD 0.00

AMEX >= $1.00

(USD 0.0006) 4

USD 0.0020 3

AMEX < $1.00

Trade Value * 0.0010

USD 0.00

NYSE >= $1.00

(USD 0.0006) 4

USD 0.0020 3

NYSE < $1.00 per share

Trade Value * 0.0010

USD 0.0000

Retail Order / removes RPI liquidity 5

(USD 0.0025)

N/A

Retail Order / removes liquidity on NASDAQ BX book 4

(USD 0.0017) 4

N/A

RPI Order 5

N/A

USD 0.0025

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book. 2. Adding an order to an exchange or ECN's order book before being executed.3. Orders
that add non-displayed liquidity will be charged 0.0030 per share.4. Orders which remove liquidity and
execute against a midpoint will not receive a rebate and not be charged a fee. 5. RPI orders and retail
orders removing RPI liquidity will appear on the statement under the exchange name NASDAQRLP.

NASDAQ PSX Exchange Fees

Remove Liquidity 1

Add Liquidity 2

NYSE >= $1.00 per share

USD 0.0030

(USD 0.0023) 3

NYSE < $1.00 per share

Trade Value * 0.0020

USD 0.0000

AMEX >= $1.00 per share

USD 0.0030

(USD 0.0023) 3

AMEX < $1.00 per share

Trade Value * 0.0020

USD 0.0000

NASDAQ >= $1.00 per share

USD 0.0030

(USD 0.0023) 3

NASDAQ < $1.00 per share

Trade Value * 0.0020

USD 0.0000

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book. 2. Adding an order to an exchange or ECN's order book before being executed.3. The
rebate for orders originally entered as non-display is ($0.00) unless the order adds liquidity via a midpoint
order in which case the rebate is (0.002).

NSX Exchange Fees

Notes: 1. This is available for Smart-routed PINK and OTCBB stocks only.

NYSE Exchange Fees

Remove Liquidity

Add Liquidity

Hidden >= $1.00 per share

USD 0.00275

(USD 0.0000)

All Other >= $1.00 per share

USD 0.00275

(USD 0.0014)

Cross Orders

USD 0.0000

USD 0.0000

All < $1.00

Trade Value * .003

USD 0.0000

All >= $1.00 Market-on-open OR Limit-on-open

USD 0.0011

USD 0.0011

All < $1.00 Market-on-open OR Limit-on-open

Trade Value * .003

Trade Value * .003

All >= $1.00 Market-on-close OR Limit-on-close

USD 0.0011

USD 0.0011

All < $1.00 Market-on-close OR Limit-on-close

Trade Value * .003

Trade Value * .003

Retail Order / removes RPI liquidity 3

(USD 0.00)

N/A

RPI (Retail Price Improvement) Orders 3

N/A

USD 0.0003

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book.2. Adding an order to an exchange or ECN's order book before being executed.3. RPI
orders and retail orders removing RPI liquidity will appear on the statement under the exchange name NYSERLP.

NYSERLP Fees

For RPL fees for NYSE please see "Retail Order / removes RPI liquidity" and "RPI Order" entries see NYSE.

VWAP Fees

Remove Liquidity

Add Liquidity

All

USD 0.0171

USD 0.017

Notes: 1. Orders that are immediately executed against an existing bid or offer on an exchange's or
ECN's order book.2. Adding an order to an exchange or ECN's order book before being executed.

Venom by Cobra Trading's Tiered commission models are not intended to be a direct pass-through of exchange and
third-party fees and rebates. Costs passed on to clients in Venom by Cobra Trading’s Tiered commission schedule may
be greater than the costs paid by Venom by Cobra Trading to the relevant exchange, regulator, clearinghouse or third
party. For example, Venom by Cobra Trading may receive volume discounts that are not passed on to clients. Likewise,
rebates passed on to clients by Venom by Cobra Trading may be less than the rebates Venom by Cobra Trading receives
from the relevant market. For example, Venom by Cobra Trading may receive enhanced rebate payments for exceeding
volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.

Volume tiers are applied based on monthly cumulative trade volume summed across all stock and ETF shares at the
time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the
monthly volume. Share volumes for advisor, institutions, and broker accounts are summed across all accounts for
the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If
for example, you execute 500,000 US shares in a month, your Venom by Cobra Trading Tiered fees would be:

300,000 shares at USD 0.0035

200,000 shares at USD 0.002

Transaction fees are only charged for sell orders.

No exchange, clearing or transaction fees charged.

Maximum 0.5% of trade value.

Orders where the commission cap is applied do not count towards the monthly volume tiers.

Commissions apply to all order types.

Venom by Cobra Trading's Tiered fee will be capped at 0.5% of trade value.

When using SmartRouting, clients should be aware that Venom by Cobra Trading may route the order to an exchange
with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN
charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).

All exchange, special and other fees are charged on a per-share basis.

In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid
for certain types of orders by various market centers. For example, Venom by Cobra Trading may receive payments from
"dark pools" for routing orders to those dark pools. Venom by Cobra Trading passes roughly 50% of the blended average
rebates it receives from dark pools to clients in the Tiered commission structure. Please consult our fee page for
each market center for more information.

Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either
the Tiered or Fixed structure.

VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for
eligible services.

Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On
certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new
orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and
another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist
overnight will be considered a new order for the purposes of determining order minimums.

If Venom by Cobra Trading receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed
to the clients.

Accumulate/Distribute and Scale Orders will be subject to standard Venom by Cobra Trading Order minimums for each
new slice of the algorithm which is submitted.

Interest Schedule

Venom by Cobra Trading uses internationally recognized benchmarks on overnight deposits as a basis for determining interest
rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive
increasingly better rates, to determine an effective rate.

Venom by Cobra Trading accrues interest on a daily basis and posts actual interest monthly on the third
business day of the following month. For detailed examples on how we calculate interest, open the
Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections on this page.

Interest Benchmark Definitions

Fed Funds Effective

(USD only) is the volume weighted average of the transactions processed through the Federal
Reserve between member banks. It is intended to reflect the best estimate of interbank
financing activity for Reserve Bank members and is the reference for many short term money
market transactions in the broader market.

LIBOR

(multiple currencies) stands for London Inter-Bank Offered Rate. It is a daily fixing for
deposits with durations from overnight to 1 year and is determined by a group of large
London banks. It is the most widely used measurement for interest rates on most currencies
outside the domestic market(s).

Overnight

(O/N) rate is the most widely used short term benchmark and represents the rate for
balances held from today until the next business day.

Spot-Next

(S/N) refers to the rate on balances from the next business day to the business day thereafter.
Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.

Disclosures

The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.

Costs for position borrowing of stocks with special considerations (for example hard to borrow
instruments) are usually higher than for normal availability stocks. These additional costs will
be passed on in the form of lower short stock credit interest. Please note that this may lead to
a net debit short stock credit interest in the event that the costs to borrow exceed the interest
earned. In order to view the indicative short stock interest rates for a specific stock, Venom
by Cobra Trading recommends that clients use the Short Stock (SLB) Availability Tool in the
Support > Tools menu in Account Management.

Interest Paid to You or By You

When calculating rates, Venom by Cobra Trading uses a blended rate based on the tiers below. Interest
accrues and is payable on a daily basis, and Venom by Cobra Trading posts actual interest monthly on
the 3rd business day of the following month. The tiers on which interest is based may change from time
to time without prior notification to clients. Such adjustments are done periodically to adjust for
changes in currency rates. For the purposes of crediting interest on either long settled cash balances or
short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be
eligible to receive credit interest on long settled cash balances.

Interest Paid to You on Positive (Credit) Cash Balances

BM = Benchmark Rate

Currency

Tier

Rate Paid

USD

0 - 10,000

0%

10,000.01 +

0% (BM - 0.5%)

Interest Paid to You on Short Sale Proceeds Cash Balances

For the purposes of crediting interest on either long settled cash balances or short stock collateral
values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit
interest on long settled cash balances.

BM = Benchmark Rate

Currency

Tier

Rate Paid

USD

0 - 100,000

0%

100,000.01 - 1,000,000

0% (BM - 1.25%)

Disclosures

The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.

Costs for position borrowing of stocks with special considerations (for example hard to borrow
instruments) are usually higher than for normal availability stocks. These additional costs will be
passed on in the form of lower short stock credit interest. Please note that this may lead to a net
debit short stock credit interest in the event that the costs to borrow exceed the interest earned.
In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra
Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools
menu in Account Management.

Interest Rates Charged to You on Margin Loan Balances

When calculating rates, keep in mind that Venom by Cobra Trading uses a blended rate based on the tiers
below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the
next 900,000 at the Tier II rate, etc. When determining the quoted spread, Venom by Cobra Trading will use
the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0. Venom by Cobra Trading
accrues interest on a daily basis and posts actual interest monthly on the third business day of the
following month. The tiers on which interest is based may change from time to time without prior notification
to clients. Such adjustments are done periodically to adjust for changes in currency rates.

Currency

Loan Amount

Rate Charged

USD

0 - 100,000

1.91% (BM + 1.5%)

100,000.01 - 1,000,000

1.41% (BM + 1%)

3,000,000.01 - 200,000,000

0.66% (BM + 0.25%)

200,000,000.01 +

0.66% (BM + 0.25%) See note below

Note: May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged.Disclosures

The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.

Costs for position borrowing of stocks with special considerations (for example hard to borrow
instruments) are usually higher than for normal availability stocks. These additional costs will be
passed on in the form of lower short stock credit interest. Please note that this may lead to a net
debit short stock credit interest in the event that the costs to borrow exceed the interest earned.
In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra
Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools
menu in Account Management.

Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions
affecting securities in your portfolio.

Universal

Type

Fees

Requests to exercise Dissenter or Appraisal Rights

$100 + external costs

All Other (Mandatory, Voluntary, With Options, etc)

Free

Exercise and Assignment 1

Universal

Product

Fees

Stock Options

No fees

Non-US Index Options

Charged standard option commissions on exercise or assignment. No charges on lapsed/expired
contracts.

Futures / Futures Options

Charged the standard futures or futures options commission at expiration of the contract.

Notes:

Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions are
subject to the standard commissions for the applicable product.

ADR / GDR (American or Global Depository Receipt) Fees

Various Central Securities Depositories such as the Depository Trust Company (DTC), Euroclear or Clearstream
collect custody fees on behalf of ADR/GDR agents for DRs which do not pay periodic dividends. The fees are
deducted by the applicable depository in standard billing and will be passed to accounts which held the ADR/GDR
on the record date.

For additional information on the fee Venom by Cobra Trading recommends that
you consult the ADR/GDR prospectus.

Universal

Type

Pass-Thru Fee

ADR/GDR Fee

Typical Range of 0.01 to 0.03 per share

Pre-Borrows

Product

Fees

Stock

USD 20.00 Ticket Fee

IRA Accounts

IRA customers will be responsible for the $7.50 quarterly fee charged by our trustee. This fee is charged to
the account quarterly at the beginning of each calendar quarter. For new accounts, billing commences on the
next calendar quarter billing date following the funding of the account for the coming calendar quarter.

DTC Position Transfers

Transfer Method

Type

Fee

ACATS

Deposit or Withdrawal

None 1

DWAC

Deposit or Withdrawal

USD 100 per settled transaction

DRS

Deposit

USD 25 per settled transaction; USD 100 per rejected transaction

DRS

Withdrawal

USD 5 per settled transaction; no fee for rejected transaction

Notes:

While Venom by Cobra Trading does not charge for incoming or outgoing ACATS transfers, customers should
consult with their sending or receiving firm to determine if there will be any applicable fees for the
transfers.

Exposure Fee for High Risk Accounts

Venom by Cobra Trading imposes a daily "Exposure Fee" on a small minority of Venom by Cobra Trading customer
accounts that have a very high worst-case loss risk exposure. This is to attempt to partially protect Venom
by Cobra Trading and its customers from those accounts that have very risky positions that currently satisfy
exchange margin requirements, but nonetheless could suffer excessive losses in the event of a significant
market move (for example, accounts with high exposure to short option positions).

Exposure Fees only apply to a small minority of Venom by Cobra Trading customer accounts with unusually
risky positions. Most Venom by Cobra Trading accounts are not subject to the fees. The fee is not a
higher margin requirement. It is a fee to be deducted from affected accounts to compensate Venom by
Cobra Trading for the risk in servicing such accounts. Please note that the exposure fee is not
insurance against losses in your account and you will remain liable to Venom by Cobra Trading for any
debt or deficit in your account even if you have paid exposure fees.

Each day, as part of its risk management policy, Venom by Cobra Trading simulates profit-loss scenarios
for client portfolios based on hypothetical market movements of certain magnitudes ("Exposure Analysis").
The scenarios examined may exceed the parameters used by various exchanges for determination of minimum
margin requirements.

As part of this daily process, Venom by Cobra Trading will calculate an Exposure Fee to be charged to
high-risk accounts based on the potential exposure the account represents to Venom by Cobra Trading in
the event of a major loss. Under the Exposure Analysis conducted by Venom by Cobra Trading, if an account
would lose so much value that its equity would be eliminated and it would then additionally have an
unsecured debt to Venom by Cobra Trading (i.e., negative equity), this would represent an Exposure to the
firm (since Venom by Cobra Trading is legally obligated to guarantee its customers' performance to the
clearinghouse even if the customer has no remaining equity).

The Exposure Fee will be calculated for all calendar days and charged to the account at the end of the
following trading day. Example, the exposure fee charge on Monday’s activity statement will reflect the
charges for Friday, Saturday and Sunday. The results of the Exposure Analysis relating to the Exposure
Fee will be made available for each account via the Account Management section of Venom by Cobra Trading's
website.

Please note the following:

Venom by Cobra Trading will calculate the Exposure Fee in its own discretion and using its own proprietary
algorithms (which are subject to change without notice) to determine the exposure that an account poses to the
firm.

The Exposure Fee may change each day based on market movements, changes in the account's portfolio, or
changes in the formulas and algorithms Venom by Cobra Trading utilizes to determine the riskiness of the
account.

The Exposure Fee will be deducted from affected accounts on a daily basis. You should keep excess capital in
your account to cover the fee if your account will be affected. If deduction of the fee causes a margin
deficiency, the account will be subject to liquidation of positions as specified in the Venom by Cobra Trading
Customer Agreement.

The Exposure Fee is judged separately account by account. If you have multiple accounts with offsetting risk
exposures, you should combine them in order to reduce or avoid the Exposure Fee.

Accounts that are subject to both the overnight position fee and the exposure fee will be charged the greater
of the two fees.

The Exposure Fee is not a form of insurance for your account. If your account incurs a debt or deficit to
Venom by Cobra Trading you are still liable to Venom by Cobra Trading to satisfy that debt or deficit and the
fact that your account may have paid exposure fees does not relieve you of that liability. Nor will your debt
or deficit to Venom by Cobra Trading be offset or reduced by the amount of any exposure fees your account may
have paid.

If you wish to avoid being charged an Exposure Fee, please consider the following:

Adding additional capital will improve the risk profile of your account and may reduce or eliminate the
Exposure Fee;

Reducing the exposure in your account by repurchasing short positions in options may also reduce or eliminate
the Exposure Fee. Venom by Cobra Trading has found that short positions in low-priced options generate the
largest exposures relative to capital. You can use the Venom by Cobra Trading Risk Navigator to simulate the
effects of changes in your portfolio.

Exposure fee is calculated for the following products

Equity with coordinated volatility change

Crude Oil and Refined Oil

Volatility

Cancel/Modify Stock Orders

Asset/Order Origin

Routing Venue

Fee per Order 1

Execution Credit 2

API/CTCI Smart

N/A

None

N/A

TWS Directed and Smart

All

None

N/A

API/CTCI Directed

All

USD 0.01

USD 0.25 per API/CTCI Directed execution

Orders with a time in force that specifies an expiration time, such as GTC, will be assessed cancel fees
according to the above schedule.

Notes:

Unless otherwise specified, the per-order fee applies to both order cancellations and modifications.

Trade Bust/Adjustments

If an exchange or other market center charges Venom by Cobra Trading a trade bust, trade cancel fee or trade
adjust fee because of an order placed by an Venom by Cobra Trading customer, or because of a customer bust or
adjust request, the customer is fully responsible for the fee and the fee will be deducted from the customer's
account.

In addition to fees charged by exchanges (and in cases where exchanges do not charge a fee), Venom by Cobra
Trading will charge the following fees for requests to have trades busted:

$50 for the first bust request in a calendar month.

$100 per incident for subsequent bust requests in the same calendar month.

The above fees are subject to change.

Exchange

Fee

Additional Info

CME Group (ECBOT, Globex, NYMEX)

USD 500.00

When GCC 1 busts a trade, the party responsible for entering the order into the electronic trading system
that gave rise to the trade bust/adjustment shall pay an administrative fee to the Exchange in the amount of
$500 for each occurrence. If a non-member customer responsible for entering an order that results in a trade
bust fails to pay the fee in accordance with this section, the clearing member carrying the customer's account
shall be responsible for payment of the fee.

If an appeal is requested on a ruling that was previously made and that appeal upholds the original decision,
Nasdaq will assess a fine for the appeal.

Additional information regarding this policy can be found on this page. Clearly Erroneous Rule changes effective
October 5, 2009, can be found
here.
For a list of fees, click here.

Notes:

GCC is the group at the CME that is responsible for reviewing ECBOT, Globex, and NYMEX executions.

Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions affecting
securities in your portfolio.

Type

Fees

Requests to exercise warrants

External costs

United States - Stocks, Corporate Bonds and Munis

Trade Value (in USD)

Fee

Minimum

<=1,000,000

0.05 bps of trade value

USD 1.00 per trade

>1,000,000

0.01 bps of trade value

N/A

United States - Options

Product

Fee

Minimum

All

USD 0.03 per contract + External Clearing Fees + Regulatory Fees1

USD 1.00 per trade

United States - Futures, FOPs and SSFs

Product

Fee

Minimum

CME, CBOT, ECBOT, GLOBEX, ICEUS, NYBOT, NYMEX, ONE2,3

USD 0.10 per contract + Exchange Fees + Regulatory Fees

USD 1.00 per trade

Notes:

External clearing fees + regulatory fees are USD 0.10/contract.

Unsupported exchanges: CFE, and IPE.

ICEUS FUT only.

Withdrawals

Venom by Cobra Trading allows one free withdrawal request per calendar month. After the first withdrawal (of any
kind), Venom by Cobra Trading will charge the fees listed below for any subsequent withdrawal:

Currency

Wires

Checks

ACH/EFT

SEPA

USD

10.00

4.00

1.00

N/A

Notes:

Venom by Cobra Trading withdrawal fees do not cover third-party fees. The account holder will be solely
responsible for any fees assessed by a beneficiary or correspondent bank. In addition, processing fees
charged by your bank or its correspondent bank, which are not included in Venom by Cobra Trading withdrawal
fees, may be deducted from wire proceeds.

Exercise and Assignment 1

Charged the standard futures or futures options commission at expiration of the contract.

Notes:

Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions
are subject to the standard commissions for the applicable product.

The transaction fees listed represent allocations of costs charged to Venom by Cobra Trading by
third-parties. Venom by Cobra Trading does not assess a separate option exercise/assignment fee.

Misc Fees - North America

Currency

Telephone Orders

Check Stop Payment

Bounced Check Fee

Archived Statements 1

Fee

Cash Deposits 2 Minimum Charge

USD

30.00 per order

50.00

25.00

USD 25.00/first statement, USD 5.00/each additional statement.

1%

50.00

Notes:

The prior 7 years of statements are available.
For additional information on availability of Daily and Monthly statements click here.

Please be aware that it is against Venom by Cobra Trading policy to accept physical currency (cash)
deposits. Please make all deposits to your Venom by Cobra Trading account by wire transfer, check, direct
bank transfer (ACH), or via one of the other methods described in the Funding Reference page. Venom by Cobra
Trading will charge a special handling fee of 1% of the deposit amount (minimum $50 fee) for any physical
currency deposits.

Balance

The following minimums are required to open an account 1:

Category

Required Deposit

Individual Accounts (unless listed below)

USD 5,000 (or non-USD equivalent)

IRAs 3

USD 5,000 (or non-USD equivalent)

Individuals age 25 or younger

USD 3,000 (or non-USD equivalent)

Notes:

To trade a margin account you must maintain at least USD 2,000 or non-USD equivalent.
For details on margin requirements, see the Margin page.

Pattern Day Traders have higher minimum requirements, which are defined in the
Day Trading section of margin requirements.

Monthly Activity

As Venom by Cobra Trading caters to active professional traders and investors, we require that each account
generate a minimum of commissions per month. Accounts generating commissions less than the minimum as stated
below in any given month will be assessed the difference as a monthly activity fee (Activity Fee = Minimum
Required Monthly Commission – Actual Monthly Commission). Please note that the monthly activity fee is based
on commissions only, and does not include fees related to third-party assessments such as market data
subscriptions or order modification/cancellation fees.

In addition to monthly fee minimums, we pass through market data fees from the exchanges for any real-time
market data service in which a client subscribes. Clients choosing to subscribe to US non-professional real-time
market data will have the USD 10 (or non-USD equivalent) monthly market data subscription fee waived if they
spend USD 30 (or USD equivalent) or more in commission for the month.

Accounts that show no balance will be closed. To reactivate an account that has been closed for having no
balance, a new account deposit of USD 10,000 or non-USD equivalent is required.

Because of contribution limits, IRA accounts will only be required to deposit USD 5,000 in order to open a
new account. In addition, US Regulators require USD 25,000 (or non-USD equivalent) to Day Trade stocks and
options.